European shares end up on mining sector M&A boost
LONDON, April 19
LONDON, April 19 (Reuters) - Merger activity in the mining sector helped European shares stage a small rebound on Friday, but a regional benchmark recorded its worst weekly loss since November as the economic outlook deteriorated.
Kazakh miner Eurasian Natural Resources Corporation soared 26.2 percent after a co-founder and key shareholder in the group said he was looking to form a takeover bid consortium.
ENRC's stock topped the pan-European FTSEurofirst 300 index , which provisionally closed 0.5 percent higher at 1,152.56 points.
The index was down 2.5 percent for the week, which was marred by weaker economic data from Europe's growth powerhouse, Germany, as well as yet more forecast-lagging data from the United States.
M.M. Warburg has reduced its tactical allocation to European shares to a small underweight by selling futures on key indexes as well as shares in cyclical and financial sectors.
"If the trend in economic data goes on we might consider even going slightly underweight in total," Matthias Thiel, market strategist at Warburg, said.
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